Published on 4/15/2016 in the Prospect News Municipals Daily.
New Issue: Elk Grove USD, Calif., sells $109.91 million capital facilities COPs
By Sheri Kasprzak
New York, April 15 – The Elk Grove Unified School District of California sold $109.91 million of series 2016 capital facilities project certificates of participation, said a pricing sheet.
The bonds (/A/) were sold competitively with Mesirow Financial Inc. winning the bid at a 3.102968% true interest cost.
The bonds are due 2017 to 2038 with a term bond due in 2040. The serial coupons range from 3% to 5% with yields from 0.63% to 3.24%. The 2040 bonds have a 3.125% coupon priced at 97 to yield 3.308%.
Proceeds will be used to finance capital improvement projects and refund the district’s series 2003, 2005 and 2008 COPs.
| Issuer: | Elk Grove Unified School District
|
| Issue: | Series 2016 capital facilities project certificates of participation
|
| Amount: | $109.91 million
|
| Type: | Competitive
|
| Underwriter: | Mesirow Financial Inc. (winner)
|
| TIC: | 3.102968%
|
| Rating: | Standard & Poor’s: A
|
| Pricing date: | April 7
|
| Settlement date: | April 28
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,145,000 | 2017 | Serial | 5% | 103.311 | 0.63%
|
| $2,415,000 | 2018 | Serial | 5% | 107.402 | 0.76%
|
| $2.53 million | 2019 | Serial | 5% | 111.154 | 0.90%
|
| $2,635,000 | 2020 | Serial | 5% | 114.368 | 1.09%
|
| $2.76 million | 2021 | Serial | 5% | 117.329 | 1.24%
|
| $2,895,000 | 2022 | Serial | 5% | 119.856 | 1.40%
|
| $1.39 million | 2023 | Serial | 5% | 122.133 | 1.54%
|
| $1.46 million | 2024 | Serial | 5% | 124.06 | 1.68%
|
| $1.52 million | 2025 | Serial | 5% | 125.826 | 1.80%
|
| $1.59 million | 2026 | Serial | 5% | 126.987 | 1.95%
|
| $1.66 million | 2027 | Serial | 5% | 125.772 | 2.07%
|
| $1,725,000 | 2028 | Serial | 5% | 124.97 | 2.15%
|
| $1,795,000 | 2029 | Serial | 5% | 124.174 | 2.23%
|
| $1,855,000 | 2030 | Serial | 5% | 123.285 | 2.32%
|
| $5.63 million | 2033 | Serial | 3% | 99.735 | 3.02%
|
| $9,235,000 | 2034 | Serial | 3% | 99.315 | 3.05%
|
| $10.36 million | 2035 | Serial | 3% | 98.582 | 3.10%
|
| $11.36 million | 2036 | Serial | 3% | 97.947 | 3.14%
|
| $8.98 million | 2037 | Serial | 3% | 97.128 | 3.19%
|
| $11,955,000 | 2038 | Serial | 3% | 96.27 | 3.24%
|
| $25,015,000 | 2040 | Term | 3.125% | 97 | 3.308%
|
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